Genting also in line
Before the end of the month, Macau gaming operator Galaxy Entertainment Group Ltd. should receive a provisional license that will allow it to begin development of a US$500 million casino resort in Boracay, Philippines.
According to GMA News, Andrea Domingo, chairwoman of the state-run regulator, the Philippines Amusement and Gaming Corp. confirmed the information on March 17. “We are signing the contract for their provisional license before the end of the month,” Domingo said.
Inside Asian Gaming reports that Galaxy’s partner in the venture,Leisure and Resorts World Corp. has purchased 23 hectares (57 acres) in Barangay Manoc-Manoc on Boracay land on Boracay for the integrated resort.
“Upon the issuance of the said license through the partnership between LRWC and GEG, an integrated resort will be constructed in the said property,” according to a March 20 filing to the Philippines Stock Exchange.
Malaysia’s Genting Group is also planning an integrated resort on Boracay at the Savoy Hotel. “This one made their application and submitted all their requirements in 2014,” before President Rodrigo Duterte took office, Domingo said. “So that one has also been approved, and they already built a hotel.”
Duterte recently pledged to shut the island to tourism for a period of up to 12 months due to environmental concerns, Asia Gaming Brief reports. Domingo said neither project should be affected by a shutdown because the developments would not open for at least three years.
